H.R.263 - Fire Sale Loophole Closing Act

To amend chapter 44 of title 18, United States Code, to restrict the ability of a person whose Federal license to import, manufacture, or deal in firearms has been revoked, whose application to renew such a license has been denied, or who has received a license revocation or renewal denial notice, to transfer business inventory firearms, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To amend chapter 44 of title 18, United States Code, to restrict the ability of a person whose Federal license to import, manufacture, or deal in firearms has been revoked, whose application to renew such a license has been denied, or who has received a license revocation or renewal denial notice, to transfer business inventory firearms, and for other purposes. as introduced.
  • Short: Fire Sale Loophole Closing Act as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
01/12/11
 
 
 
 
 
 
 

Sponsor

Representative

Gary Ackerman

D-NY

View Co-Sponsors (33)

Official Summary

Fire Sale Loophole Closing Act - Amends the federal criminal code to make it unlawful for: (1) anyone whose federal license to import, manufacture, or deal in firearms has been revoked, or whose license renewal application has been denied, to transfer business inventory firearms into a pers

Official Summary

Fire Sale Loophole Closing Act - Amends the federal criminal code to make it unlawful for:
(1) anyone whose federal license to import, manufacture, or deal in firearms has been revoked, or whose license renewal application has been denied, to transfer business inventory firearms into a personal collection or to an employee of such person or to receive a firearm that was a business inventory firearm as of the date of a revocation or renewal denial notice; and
(2) anyone who has received a license revocation or renewal denial notice to transfer to any other person a firearm that was a business inventory firearm. Imposes a fine and/or prison term of not more than one year (five years for willful violations) for violations of this Act.

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